Italy's De Agostini acquires controlling stake in Magnolia TV content firm |
|
|
|
Published
:
Wed, 10 Jan 2007 12:05
|
MILAN (AFX) - Italy's De Agostini SpA said it has signed a contract to buy a 53.5 pct stake in Magnolia SpA, which produces content for television.The remaining 46.5 pct share capital will remain in the hands of Magnolia's present owners, who are mainly key managers in the company, it said.Giorgio Gori, who will remain at the company as CEO, will keep about 25 pct of Magnolia, it said.Lorenzo Pellicioli, CEO of De Agostini, will be chairman of Magnolia.De Agostini and the other shareholder managers of Magnolia have agreed to a four-year business plan, which foresees the listing on the bourse of the company in the medium term.The media and finance company said the acquisition of a controlling stake in Magnolia is an important move in the international development of its strategy in the media and communications sector.De Agostini owns 40 pct of Spanish TV channel Antena 3 de Television SA.'With this acquisition, De Agostini will strengthen its position in Italy and abroad in the key media sector,' said Pellicioli.Pellicioli said he sees significant synergies between Magnolia and the gaming world. De Agostini controls Lottomatica SpA.In 2006, Magnolia reported sales of about 67 mln eur, De Agostini said.nigel.tutt@afxnews.comnt/icCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
|
|
|
|
|
|
Print this Story
Milan shares AFX at a glance outlook 